Bitcoin stayed flat during the past 24 hours to trade at $29,380.78, and logged a weekly gain of 0.82 per cent

Bitcoin was flat on Tuesday to stay range bound above the $29,000 support level. Ether slipped, while most other top crypto currencies traded flat to lower, with Solana’s SOL the only one gaining.

Bitcoin stayed flat during the past 24 hours to change hands at $29,380.78, and logged a weekly gain of 0.82 per cent, according to CoinMarketCap data. The token briefly hit a high of $29,660.25 early Tuesday morning.

Bitcoin is below its 50-day moving average of $29,887, with its 30-day realized volatility dropping to 17 per cent, the lowest since November 2018, which both indicate bearishness in the token, Markus Thielen, head of research & strategy at Matrixport stated Tuesday.

Bitcoin’s price has stayed largely between $29,000 and 30,600 for the last seven weeks, causing frustration among investors looking for more value. Nevertheless, low volatility could prove to be a blessing in disguise, stated Nigel Green, founder and CEO of deVere.

This newfound stability draws institutional investors, who have been traditionally been cautious about entering the market because of its extreme price variations, Green added.

This stability is also a boon for businesses and consumers looking for a dependable store of value or medium of exchange, Green said.

Ether slipped 0.33 per cent to $1,840.95 but gained 0.71 per cent for the past seven days. Other top crypto currencies all traded lower with the exception of Solana’s SOL, which rose 1.39 per cent to $24.82 and added 7.09 per cent for the week.

Shiba Inu, which has recently replaced Polkadot as the 10th largest non-stablecoin crypto currency in terms of market capitalisation, led the decliners, dropping 2.89 per cent to $0.00001028 while logging a weekly rise of 14.51 per cent.

The token received a push from the incoming launch of Shibarium, a layer-2 network built by Shiba Inu developers whose launch date is yet to be disclosed.

The total crypto market cap declined 0.18 per cent during the last 24 hours to $1.17 trillion, while trading volume rose 7.75 per cent to $26.17 billion.